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Future of Transportation is Electric Not Fuel, is Africa Ready?
By Timi Olubiyi, PhD
The year 2025 comes with a lot of hope and many aspirations, one of such is the increased benefits and possibilities around electric vehicles (EVs).
Even though, it is no more news and that it does not come as a surprise that the petrol and diesel-powered automobile/cars we have long been accustomed to still dominate the motoring landscape and indeed Africa with all the innovations and developments around mobility and transportation.
No doubt, the world is advancing clean and renewable energy options in particular around electric vehicles (EV) adaptations. More so the popularity of EVs is growing and the disruption is already rapid in developed economies. But what baffles the author is that Nigeria seems not to be bothered and we continuously move on with our daily tasks without referencing what happens around us globally.
It is a common knowledge that the way to go is net zero emissions by 2050 across all business units and supply chains including transportation. This is a key priority and a growing renewable energy footprint around the world but Africa is to the contrary from context observation.
From the records and with a follow up survey by the author in 2024 across the Republic of Ireland a small country with a population of less than 6 million, as it stands four out of every five homes now power their cars with 100% electric because the future of energy is electric.
Such acceptance can promote energy security, zero-emission, reduced energy cost and sustainable future easily without any economic concerns. Is this achievable in Nigeria in the nearest future? Achieving net-zero emissions in Africa presents significant challenge due to factors like limited access to reliable electricity, reliance on traditional fuels, and underdeveloped and old infrastructure.
In Nigeria and indeed most countries in Africa transportation sector is one of the largest contributors to global carbon emissions, with traditional gasoline(fuel) and diesel vehicles being primary sources of air pollution and environmental degradation.
In response to these concerns, the rise of electric vehicles (EVs) could represent a significant shift towards more sustainable and eco-friendly transportation options yet we are at the infant stage of adoption on the continent. As the world grapples with climate change and the depletion of fossil fuels, electric vehicles offer a promising solution to reduce pollution, enhance energy efficiency, and promote sustainability.
Therefore, this piece presents key benefits, and the need to explore policy options for future potential of electric vehicles in Nigeria and indeed on the continent of Africa.
From observation, one of the most compelling benefit of wide spread usage of electric vehicles is their environmental impact. Unlike traditional vehicles that run on internal combustion engines, EVs are powered by electricity stored in batteries, which means they produce zero emissions. This can significantly reduce air pollution, particularly in urban areas like Lagos, Port Harcourt, Abuja and the likes where traffic congestion and poor air quality are major concerns.
By shifting from gasoline(fuel) to electricity, EVs can help reduce the number of harmful gases, such as carbon dioxide (CO2), nitrogen oxides (NOx), and particulate matter, which are linked to health challenges and serios climate change. Emissions, primarily carbon dioxide is a key driver of climate change. The gas is usually trap heat in the atmosphere gradually warming up the planet and causing intense heat wave and disruption of the ecosystems.
So, to reduce the emissions of CO2 from combustion engines, working by burning fuel and overheating with high engine noise, electric vehicles are desirable. Because they more energy-efficient compared to their gasoline-powered counterparts, more so, EVs are with less maintenance culture and repair expectations are low.
In fact, EVs are more cost-effective in the long run, despite high initial purchase price because over time the operational costs of running are lower. Believe it or not, EVs have fewer moving parts compared to conventional cars, where there is no need for oil changes, oil filters and radiator or coolants.
In fact, the brake systems tend to last longer because of regenerative braking technology, a feature common in many electric vehicles. The cost of electricity for charging is also typically lower than the cost of the usual fuel or diesel, further reducing the lifetime costs of owning an EV.
With all the aforementioned the future of electric vehicles looks promising but technological advancements in battery storage, such as solid-state batteries and faster-charging technologies, are expected to improve to enhance the overall EVs performance, its affordability, and convenience.
As the global demand for clean energy grows globally, it is the hope of the author that governments in Africa in particular Nigeria will step up their efforts to encourage the adoption of electric vehicles. Though effort on Compressed Natural Gas (CNG) promotion is high in Nigeria in recent times which is a clear alternative to high cost of fuel currently but the real global standard and future of transportation is electric.
Many countries have now introduced stricter emissions regulations, offering financial incentives such as tax credits, rebates, and subsidies to make EVs more accessible to consumers Nigeria should not be an exemption, our government can also initiate similar policies.
Additionally, several governments have set ambitious goals to phase out the sale of new gasoline and diesel vehicles in favor of zero-emission models EVs within the next few decades, Africa can also start promoting this.
In addition, businesses and investments drive can be channeled into this developing critical area. Such as investment in home charging solutions, public charging infrastructure,wide spread charging stations, encouraging car manufacturers and private companies to set up assembling plants in Africa countries.
Investing inhome charging solutions, will make it easier for individuals to charge their vehicles overnight. Theseinvestment options and widespread infrastructure will help reduce range anxiety and make electric vehicles a more viable option for everyday consumers in Africa.
While challenges such as charging infrastructure, battery costs, and range limitations remain, ongoing advancements in technology, along with supportive policies and growing consumer demand, are driving the transition toward a cleaner, more sustainable transportation systemthios can also happen in Africa.
As electric vehicles become more affordable and accessible, they have the potential to significantly reduce our reliance on fossil fuels, improve air quality, and create a more sustainable future for generations to come. Good luck!
How may you obtain advice or further information on the article?
Dr Timi Olubiyi, an Entrepreneurship & Business Management expert with a PhD in Business Administration from Babcock University, Nigeria. A prolific investment coach, adviser, author, columnist, seasoned scholar, Member of the Institute of Directors, Chartered Member of the Chartered Institute for Securities & Investment (CISI), and Securities & Exchange Commission (SEC) registered capital market operator. He can be reached on the Twitter handle @drtimiolubiyi and via email: [email protected], for any questions, reactions, and comments.
The opinions expressed in this article are those of the author- Dr Timi Olubiyi and do not necessarily reflect the opinions of others.
By Dipo Olowookere
Stanbic IBTC Bank has announced a promotional offer that allows its customers to enjoy an exclusive six per cent discount on all Chery vehicles purchased from Carloha.
A statement made available to Business Post disclosed that customers of the banking institution will also get an additional four per cent discount on Tiggo 2 and Arrizo 5 brands bought during the campaign, which started on Sunday, December 1, 2024, and will end on Friday, February 28, 2025.
This has been made possible as a result of the partnership officially signed by both organisations on Wednesday, December 18, 2024, in Lagos.
The strategic collaboration with Carloha, a reputable auto showroom specialising in the retail sale and after-service of the Chery brand of vehicles, is expected to provide exceptional value to customers looking to purchase quality vehicles.
Stanbic IBTC came up with this idea through its Vehicle and Asset Finance (VAF) product designed to provide flexible and convenient payment options to customers.
The partnership represents a shared vision between Stanbic IBTC Bank and Carloha for outstanding service and customer satisfaction and a commitment to advancing the automotive industry in Nigeria.
“This collaboration strengthens our commitment to offering unique opportunities that cater to the diverse financial needs of our customers.
“We are dedicated to enhancing the car-buying experience by providing tailored financial solutions that simplify the process.
“We believe this initiative will greatly benefit individuals searching for a trusted and stylish vehicle, empowering them to make informed investment decisions while benefiting from our banking services,” the Head of Products, Personal and Private Banking at Stanbic IBTC Bank, Mr Taiwo Ala, commented.
Also, the Sales Director of Carloha Nigeria, Mr Joseph Omokhapue, said, “By partnering closely with Stanbic IBTC Bank, we can provide our customers with a unique financing solution that improves both the accessibility and affordability of quality automobiles. Our steadfast commitment to customer satisfaction guides every aspect of our services.”
Carloha Nigeria has established a strong reputation for its comprehensive online and offline services, focusing on selling quality vehicles.
By leveraging state-of-the-art technology, Carloha guarantees a seamless experience for customers looking for reliable automotive options.
The company’s commitment to excellence is backed by ongoing training, research, and development, reinforcing its dedication to superior service delivery.
In Dubai, the city of high life, large roads, and costly automobiles, different types of cars are up for sale, both new and used. Flashy sports cars and high-end luxury cars might have stolen the limelight, but one important concern of many car drivers in Dubai is fuel efficiency. Choosing fuel-efficient used Ford cars in Dubai is a smart financial and ecological decision. In conclusion, with increasing fuel prices and high focus on sustainability, the act of buying a fuel-efficient used car in Dubai has massive benefits in the long run.
Why Buy a More Fuel-Efficient Secondhand Car in Dubai?
The reasons why you should consider a fuel-efficient used car when purchasing in Dubai are:
Save on Fuel Costs
The major reason to opt for a fuel-efficient car in Dubai would be the possibility of saving on fuel costs. Since the prices of fuel just seem to be continuously fluctuating, especially in the UAE, having a car with excellent mileage can make quite a difference in your monthly expenses.
Dubai is a big city, and it often involves long commutes to get to another part of town. Be it driving across the city to get to work or taking weekend trips across the UAE, a fuel-efficient car saves on fuel money. Cars averaging 15 km/l or more will save hundreds of dirhams annually compared to less efficient models. In a city where fuel prices remain a major consideration, the wise thing to do will be to choose a vehicle that uses less fuel.
Low Operating Costs
Fuel-efficient vehicles typically have smaller engines, which means lesser wear and tear on the engine in the long run. This usually means lower operating costs. As fuel-efficient vehicles are often built to last, the chances of their owners needing to deal with high-priced repairs are also limited.
Besides, many fuel-efficient cars have longer oil change intervals and fewer mechanical problems in general, which will save you money on routine maintenance. This is even more important when purchasing a used car, because while the initial cost of the car may be lower, you can make up for the reduced price by paying less in fuel and maintenance.
Adaptation to Dubai’s Driving Environment
For long and well-maintained highways in Dubai, the length of the way naturally leads to higher speeds. Fuel efficiency could make all the difference under such conditions. Designed for longer commutes and optimized fuel consumption, the difference these vehicles would make can only imply you get better mileage on the highway than those with thirstier vehicles at higher speeds.
Besides that, Dubai is known for heavy traffic during peak hours, and fuel-efficient cars perform well in stop-and-go conditions. They can maintain a good level of fuel economy even when driving in traffic, as opposed to older or larger vehicles that consume more fuel in such conditions.
Affordable Options Available in the Used Car Market
Avail the most fuel-efficient used cars in Dubai and get an affordable vehicle that will still help you enjoy the benefits of good mileage. The used car market in Dubai is very active, and a number of reputed dealers have cars that are not only economical but also reliable and well-maintained.
You can find quality Ford Mustang for sale in Dubai along with other leading brands like Toyota, Honda, Mazda, and Hyundai. Each offers great fuel economy at the most competitive prices. The desire to lower overall expenses from car ownership has encouraged more people to buy a used fuel-efficient car, as this does not require sacrificing quality for price. For the best deals on second hand cars, OneClickDrive is the go-to place.
By Aduragbemi Omiyale
A partnership has been entered into between Stanbic IBTC Bank and CIG Motors to make it easier for Nigerians to acquire automobiles this season.
This comes at a time when many individuals and families are seeking affordable ways to own cars.
This deal will also provide incentives to customers purchasing through the Stanbic IBTC Vehicle and Asset Finance (VAF) product.
As part of this collaboration, CIG Motors is also giving a five-year warranty on all its GAC vehicle models.
It was gathered that the aim is to simplify the rigorous process of owning a brand-new vehicle, with a flexible-repayment structure, and a 10 per cent discount rate on all vehicles purchased within 12 months.
As the automotive market expands, collaborations like Stanbic IBTC Bank and CIG Motors are crucial for promoting customer satisfaction and fostering loyalty. The combination of quality vehicles and favourable financial solutions is set to transform the car-buying experience, making it efficient and enjoyable.
“Through this partnership, Nigerians are guaranteed to experience a premium and hassle-free process in owning brand new vehicles that suit their taste.
“CIG Motors’ expertise in the automobile sector, enhanced by Stanbic IBTC Bank’s Vehicle and Asset Finance (VAF) scheme, will allow equal opportunity for customers to own cars without stress or worry,” an Executive Director at CIG Motors, Jubril Arogundade, said.
Also, the Executive Director for Personal and Private Banking at Stanbic IBTC Bank, Mt Olu Delano, said, “The collaboration enhances the purchasing power of our customers, enabling them to access a broad range of brand-new vehicles under CIG Motors. It also highlights our commitment to fostering economic growth in the communities we serve.
“Stanbic IBTC Bank and CIG Motors’ collaboration illustrates a broader trend of growth between financial institutions and automobile manufacturers.”
CIG Motors is a renowned automobile company known for cutting-edge designs and reliable automobile brands. The scheme is open to individuals Nigerians (including the self-employed), and businesses seeking to expand their fleets.
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